Buyers Need To Be Paid Back: Supreme Court To Supertech
New Delhi: The Splendid Court docket on Tuesday gave a stern message to Supertech asking it to go back cash to buyers, pronouncing it become not concerned whether or not the actual estate fundamental “sinks or dies”. “Both you (Supertech) sink or die, we are not concerned. You will pay back the money to domestic customers. We are least stricken approximately the financial status,” a bench of Justices Dipak Misra and Adarsh Kumar Goel stated New Delhi: The Supreme Court on Tuesday gave a stern message to Supertech asking it to return money to investors, saying it was not concerned whether the real estate major “sinks or dies”.
“Either you (Supertech) sink or die, we are not concerned. You will have to pay back the money to home buyers. We are least bothered about the financial status,” a bench of Justices Dipak Misra and Adarsh Kumar Goel said when it was pointed out that some builders have said they had no funds to pay back the home buyers. The court directed Supertech to pay 10 percent per month of the invested amount from January 5, 2015, to 17 home buyers within four weeks.
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It said the real estate firm has to clear the arrears to the home buyers in four weeks, which can be adjusted, and also Supertech to furnish a chart of payments made to the home buyers on the next date of hearing. Senior advocate Rajeev Dhawan, appearing for Supertech, said the apex court “cannot act as a banker” and must follow equality. “Not all home buyers are against us, and some of them have even supported the firm and filed an appeal against the High Court order,” he said, adding, “There is a difference between Unitech’s case and us. They did not have a building while we have a building, and funds invested with us have been used for the construction of the structure.”
He said a total of 628 investors had approached the company, of whom 274 have sought alternate arrangements, 74 asked for re-investment, and 108 have sought a refund. To this, the bench asked why Supertech was not giving back the money to all the investors. Mr. Dhawan said there was a court order saying only those who have applied on time will get the money back, and it was paying back the money to them.
Counsels for home buyers refused Supertech’s claim and said they were not getting the money on time. The apex court also asked National Buildings Construction Corporation (NBCC) to submit its report by October 25, after inspecting Supertech’s Emerald Towers to ascertain whether the two 40-story buildings were built in the green area in violation of the sanctioned plan. On July 27, the court had asked NBCC to visit the twin Towers site and submit a report on alleged violations.
It had been observed that the home buyers should not be made to suffer on account of ongoing litigation, and their money should be refunded if they want. Earlier, it had directed the company to deposit Rs 5 crore in its registry as part of the refund to homebuyers for the project. The Allahabad High Court had ordered the demolition of the twin towers. On April 11, 2014, the Allahabad High Court ordered the destruction of the two 40-story residential twin towers – Apex and Ceyane – in Noida and directed Supertech to refund money to home buyers with a 14 percent interest in three months.
The two towers have 857 apartments, of which about 600 flats have already been sold. On February 16 last year, the apex court directed Supertech to refund money to the flat owners, saying, “Developers can’t take investors for a ride.” Earlier, it had required Supertech to give back money to flat owners who had sought to refund their investments after the towers were directed to be demolished by the Allahabad High Court.
Holding that the flat owner cannot be forced to remain in limbo and wait indefinitely due to litigation, the bench had also directed the company to pay compound interest at the rate of 14 percent per annum to allottees by the end of October 2014. while it changed into talked about that, a few developers said they had no budget to pay back the house consumers.
The Court directed Supertech to pay 10 in line with the cent in keeping with the month of the invested amount from January 5, 2015, to 17 home customers within four weeks. It said the real estate firm has to clear the arrears to the home consumers in 4 weeks, which can be adjusted, and also Supertech to provide a chart of payments made to the home buyers on the next date of hearing. Senior propose Rajeev Dhawan, appearing for Supertech, said the apex court “can not act as a banker” and has to observe the principle of equality.
“not all domestic buyers are in opposition to us, and some of them have even supported the firm and filed an enchantment towards the High Court docket order,” he stated, including, “There may be a distinction between Unitech’s case and us. They did now not have a constructing while we have a building and budget invested with us have been used for the construction of shape.” He stated a total of 628 investors had approached the corporation, of whom 274 have sought change arrangements, 74 asked for re-investment, and 108 have sought a refund. The bench asked why Supertech turned into not giving lower back the money to all of the traders.
Mr. Dhawan stated there was a Courtroom order saying handiest those who’ve implemented on time will get the money returned, and it became paying back the cash to them. Counsels for home consumers refuted Supertech’s declare and said they were no longer getting the cash on time. After examining Supertech’s Emerald Towers, the apex Courtroom also requested National Buildings creation Agency (NBCC) to post its document by October 25 to determine whether or not the two 40-story Buildings have been built in the inexperienced area in violation of the sanctioned plan.
On July 27, the Court docket had requested NBCC to go to the web page of twin tower and submit a file on alleged violations. It was observed that the house consumers must no longer be made to suffer due to ongoing litigation, and their money must be refunded if they want. In advance, it had directed the company to deposit Rs five crore in its registry as part of the refund to homebuyers for the assignment wherein the Allahabad Excessive Court had ordered the demolition of the dual towers.